1. Make a list of any questions you have about the loan programs.
   Be sure you ask us about the advantages and disadvantages of the various loan programs for which you might qualify, including the  pros and cons of Fixed Rate Mortgages versus Adjustable Rate Mortgages.  There are no "silly questions".  It's only silly not to ask questions. 

    

2. Think about whether to lock-in or float the loan's interest rate.
   "Locking-in" the rate means that the lender commits to the loan interest rate at the time the loan application is submitted.   You might want to "float" the rate if you believe that interest rates are going down in the near future.  Buyers who opt to "float" take the risk is that interest rates may rise, increasing the mortgage payment.  However, we will always contact and counsel you when it looks like rates are moving - in either direction. 

    

3. Think about paying additional points to lower your interest rate.
   This can be a very powerful tool if you intend to live in the home for very long.  A "point" is equal to 1% of the total loan amount.  And banks use this to literally "buy" the interest rate down to a lower rate.  Typically the point-cost is balanced out in about 3 to 4 years of making "lower loan payments".  Then the rest of the years of continued ownership are "money ahead" for you, the borrower.

        Gather your paperwork.
(click on  "Loan Application Checklist"  - left side of the page)